Forex Trading: EUR/USD Moves A Little Lower On The Day But Above The Lows

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Forex Trading: EUR/USD Moves A Little Lower On The Day But Above The Lows

By Greg Michalowski on January 12, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD bias remains to the downside (below 100 and 200 hour moving averages but largely unchanged). The pair closed Friday at the 1.3428 level and has a high of 1.3476 and low of 1.3326. The low for the year at 1.3311 attracted some profit taking buying.

The 100 hour moving average comes in at the 1.3557 currently (see chart above). The 100 day moving average is around that level as well coming in at 1.3568 today. As a result, this level will be watched closely on the upside. The low for the year will need to be broken on the downside to solicit more downside momentum.

Although bias is down (below 100 hour MA and 100 day MA), the momentum is not all that inspiring. Watch key levels for clues.

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